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This assignment is going to talk about the frames of work law., specifically its application in business dealings. The government and institutions create laws to regulate the activities of businesses, individuals, and society. For this assignment, I will briefly talk about the four sources of Law: contracts, agent=prinipal relationships, bankruptcies, and intellectual property, and lastly, laws that safeguard the activities of a business should businesses find themselves in disputes.

First and foremost, constitutional Law provides the basis for any business to exist in terms of what to have in place for a successful business, as well as procedures for entrepreneurs and firms to follow to enter into contractual relationships with the public and third parties. However, four sources of Law will be discussed in this paper. Constitutional Law is a written law enacted by a legislative process through the judicial system. Statutory laws are laws enacted by Congress in the United States, such as common laws to guide, regulate, and bring order into society. Administrative laws also cover the legal framework within an organization. Every business is required to outline the duties and responsibilities of individuals to follow; therefore, administrative laws serve as a code of conduct for the operations of the company to move on smoothly. Common Law exists where disputes arise between individualsdecisionsfor example, a breach in a business.

Moreover, there are some similarities between criminal Law and civil Law. Depending on the damage caused by either a business or society will determine how and where to judge cases. Criminal Law addresses problems that arise from individuals' threats to society. Criminal Law tries to address issues that harm the safety of society and businesses. On the other hand, civil laws refer to laws that arise as a result of disputes within an organization, individuals, and third parties. In civil Law, an individual can sue a corporation or vice versa. The goal of a civil is to provide compensation in monetary terms to the plaintiff or wrongful person or institution.

In the business section, parties involved must enter into contractual agreements. Contracts are an essential part of a business because, without a written legal document binding each party, a breach can occur, resulting in lawsuits. Therefore, contracts should address the needs of both parties and outline the terms set forth by both parties. However, for a contract to be valid, there should be an offer, acceptance, consideration, and capacity for a contract to be effective and valid for operations on business.

Furthermore, a business will run smoothly if the agent-principal relationship is perfect. The principal, that is, the entrepreneur, grants the agent express authority to act in the best interest of the company in good faith in business transactions. The agent must act according to the terms of the agreed-upon written contract. The principal must make sure to reward the agent for work in monetary terms.

Bankruptcies exist to help struggling businesses financially solve their debts with their creditors. However, there are three different forms of bankruptcy. Each pertains differently to any business, depending on its financial standing. These are liquidation bankruptcies, reorganization bankruptcies, and bankruptcies for individuals. Liquidation bankruptcies involve the sales of business properties to settle their debts. Reorganization bankruptcies allow businesses to continue business operations while undergoing bankruptcy. Lastly, Chapter 13 bankruptcies are common among individuals filing for bankruptcy.

Intellectual property covers inventions such as patents, copyrights, trademarks, and arts. Protecting intellectual property is essential in a business innovation. A patent gives exclusive rights to an individual or business to manufacture or produce a commodity for some time. Copyrights. Trademarks are symbols and signs that are recognizable with a particular product. Trademarks differentiate products from one company.

References

Kelly, M., & Williams, C. (2023). primary source

Tardi, Carla. "Trademark: Definition, What It Protects, Symbols & Examples." Investopedia, Investopedia, www.investopedia.com/terms/t/trademark.asp. Accessed 2 Dec. 2024.

S, Surbhi. "Difference between Civil Law and Criminal Law (with Comparison Chart)." Key Differences, 5 June 2017, keydifferences.com/difference-between-civil-law-and-criminal-law.html.